A consortium comprising GE Energy Financial Services, MEAG -- the asset management arm of Munich Re and ERGO -- and EDF Energies Nouvelles is buying 32 operating wind farms in France from Iberdrola.

The portfolio of onshore wind farms, which are spread throughout France and were commissioned in 2006-2012, have a combined capacity of 321.4 megawatts using turbines from a variety of manufacturers.

Electricity generated is sold according to long-term contracts under France's feed-in tariff. The transaction is valued at euros350 million, plus an earn-out of up to euros50 million, depending on production over the next five years.

Upon completion of the transaction, subject to regulatory approval, the wind portfolio's ownership will be: GE Energy Financial Services and MEAG at 40 percent apiece, and EDF Energies Nouvelles at 20 percent. EDF Energies Nouvelles will provide asset management and operation and maintenance services for the wind farms.

The consortium envisions re-powering some of the wind farms, which feature 160 turbines, to improve their efficiency and reliability using GE technology. Each member of the consortium stated that the transaction is consistent with its renewable energy investment strategy.

"This transaction is a great opportunity for EDF Energies Nouvelles to expand its wind assets portfolio in France and scale up its O and M business. GE's and MEAG's diligence and knowledge of this industry allowed us to sign this acquisition in the targeted timeframe," said Emmanuel Jaclot, executive vice president of EDF Energies Nouvelles.

"With this investment we are adding more sustainable investments with calculable risk and attractive returns to our portfolio, leveraging the know-how of the entire Group," said MEAG Managing Director Holger Kerzel.

"We are pleased to partner with EDF Energies Nouvelles and MEAG in acquiring a substantial portfolio of operating wind projects in France, and intend to seek additional opportunities to expand our renewable energy assets in Europe," said Andrew Marsden, a London-based managing director and European leader at GE Energy Financial Services.

Additional details of the transaction were not disclosed. Citi acted as exclusive financial advisor to the consortium.